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HOT TRADE: 3 indicators show Wall Street is set to fly

by , 21 February 2019
HOT TRADE: 3 indicators show Wall Street is set to fly
This morning, I sent an introduction to a new contributor to Trading Tips.

His name is Barry aka, “The Beef”.

Barry has over eleven years' experience in the markets. He brings a combination of technical analysis and fundamental insights to the table.

As you can see, Barry is not playing any games. He already has his eye on his first juicy trade.
Here’s to your first profit opportunity.
"Wisdom yields wealth"
Timon Rossilimoss,
Managing Editor, Trading Tips 
9:00pm last night – primed “The Beef” his first profit opportunity
Buy high, sell higher and profit with Wall Street
Hi Guys
Here’s my first trade note enjoy!
As expected, the markets reacted to the U.S. Federal Reserve's Federal Open Market Committee (FOMC) meeting minutes release.
  • The FOMC meeting minutes from its January meeting was released last night around 21:00 SAST.
The FED’s outlook was a bit muted as some participants stated it was not yet clear to what adjustments need be made to the federal funds rates target range in 2019.
The FOMC’s dovish outlook on rate hikes was emphasized as the FED’s outlook remains cautious.
  • While several said rate hikes might be necessary “only if inflation outcomes were higher than in their baseline outlook,” several others said that if the economy evolved as expected, higher rates would be appropriate later this year, the minutes said. – Bloomberg.
Here is the trade summary and the price chart:
Buy high, sell higher and profit with Wall Street

Source – Bloomberg
The price action has finally broken out of the consolidation and is pushing higher back to the highs last seen in October 2018.
Technically the trade should have been taken at the breakout, but I am looking at a higher target price around 26,337.
  • Price action is trading well above the 200-day Simple Moving Average (SMA) (white dotted line) which supports move higher.
  • The Relative Strength Index (RSI) (Bottom of chart) has just crossed the 70-perimeter, indicating we are reaching over bought territory.
  • Take note, I am taking a wider than normal stop loss to accommodate the volatility we have seen of late on the Wall Street 30 index.

Here are the trade details:
Instrument: Go long (buy): Wall Street 30 (WS30LM)
Entry price: 26,106
Stop loss price: 25,888
Take profit price: 26,337
To get in on this profit opportunity simply call your broker or go to GT247.com
See you next Thursday, 
Barry Dumas,
Trading Specialist, GT247.com

HOT TRADE: 3 indicators show Wall Street is set to fly
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